Turtlemint's initial public offering (IPO) recorded a 57% subscription rate as of 12:22 IST on the final day of bidding, according to NSE data. Investors bid for 1.87 crore shares against the 3.29 crore shares on offer. The IPO comprises a fresh issue worth ₹660.7 crore and an offer-for-sale of up to 1.46 crore shares by promoters and existing shareholders, priced between ₹144 and ₹152 per share, valuing the company at ₹4,513 crore at the upper price band, inc42.com reported.
Retail investors were the most active participants, subscribing 79% of their reserved portion with bids for 47.73 lakh shares against 60.49 lakh shares allocated. Qualified institutional buyers (QIBs) showed relatively stronger demand, subscribing 73% with bids for 1.3 crore shares against 1.78 crore shares earmarked. Non-institutional investors (NIIs) had subdued participation, with only 10% subscription, bidding for 9.48 lakh shares against 90.73 lakh shares reserved for this category, according to inc42.com.
The IPO proceeds are intended to support Turtlemint's technology infrastructure enhancement, product development, marketing expansion, working capital needs, and potential acquisitions. Ahead of the IPO, the company raised ₹397.2 crore from anchor investors through the allotment of 2.61 crore equity shares. The valuation and subscription levels place Turtlemint among notable insurtech listings in India, reflecting moderate investor interest in the sector, inc42.com noted.
The IPO subscription data as of 12:22 IST on the final day provides a concrete measure of investor appetite, with retail and institutional segments showing varied participation levels. The company’s plans for the fresh issue proceeds include bolstering technology and exploring acquisitions, which will be closely watched post-listing, inc42.com stated.